A 52 Week High for Novartis, will it Hold?

Published on Friday, 21 September 2012 12:34 Written by TradersHuddle Wire

New York, September 21st (TradersHuddle.com) - Shares of Novartis AG (NYSE:NVS) booked a new 52 week high today by trading above $60.65, traders are definitely monitoring Novartis' price action to see if this move attracts further buying into the stock.

Novartis AG (NYSE:NVS) manufactures pharmaceutical and consumer healthcare products. The Company produces branded and generic pharmaceuticals for a number of uses like cardiovascular, respiratory and infectious diseases. The Basel, Switzerland based company also offers over the counter vision and animal health products.

Novartis is currently trading 0.92% versus its previous trading session close, and it has calculated support and resistance at $55.10 and $59.55 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.23% from its previous trading close, which means that Novartis stock is outperforming the overall market.